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Monday, December 9, 2013

Economic Growth in the News

In recent days we've seen news of economic growth for Oregon and the nation.

The latest University of Oregon Economic Indicators show moderate growth for the state. The Oregon Measure of Economic Activity three-month moving average came in at -0.07 in October, where a zero reading means average growth for the period from 1990 to the present. Tim Duy notes that manufacturing made a positive contribution to economic activity, while households were weighed down by a falling labor force and a decline in employment services, which largely consists of temporary help.

Meanwhile, the UO Index of Economic Indicators fell slightly (-0.9%) in October, the first decline since September 2012. Duy concludes that occasional declines in the index are not uncommon during economic expansion, and that overall the two indicators point to sustained growth at an average pace in Oregon that will persist into 2014.On Friday, the Bureau of Labor Statistics released the unemployment rate and employment numbers for November. The unemployment rate hit 7.0 percent, a five-year low. While declines in the labor force have largely contributed to the decline in the unemployment rate, in November the labor force rose by 455,000. Therefore the unemployment rate drop for November can be attributed to more survey respondents indicating that they found work.

Employers added 203,000 jobs to their payrolls last month. Job gains were widespread across industries: professional and business services (+35,000 jobs); transportation and warehousing (+31,000); health care (+28,000); and manufacturing (+27,000) were among those with the largest gains.

You can find more information about the UO readings of Oregon's economy on their statewide economic indicators page, and read more about the U.S. monthly employment situation in the full release from the BLS.

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